Cancer, Diabetes Drugs Fuel Bristol-Myers Squibb Profits

Bristol-Myers Squibb (BMY) swung to a stronger-than-expected profit in the third quarter and reaffirmed its full-year outlook on Wednesday as sales for some of its biggest pharmaceutical products rebounded in international markets.

The New York-based drug maker reported net income of $692 million, or 42 cents a share, compared with a year-earlier loss of $711 million, or 43 cents, driven by strong sales and sharply decreased marketing and advertising costs.

Excluding one-time items, Bristol-Myers said it earned 46 cents, topping average analyst estimates by two pennies.

Revenue for the three-month period climbed 9% to $4.1 billion from $3.7 billion a year ago, beating the Street’s view of $3.99 billion.

The sales gains were led by an 18% improvement to $2.0 billion in its international markets, as well as a 1% increase in the U.S., also to $2.0 billion.